Tips to Survive a Recession Financially
Follow these personal finance tips to weather a recession and safeguard your financial future.
Smart personal finance habits don't change during a recession; they become more important. Follow these personal finance tips to weather the financial storm and protect your financial future.
Experiencing Payment Difficulties?
If your situation is causing you to have trouble making your monthly payment, Beneficial can help. Contact us or fill out the online Payment Assistance Form.
Prioritize your spending.
Look at unimportant expenses that you can get rid of, things that you can sell for extra money, and other ways to cut costs and bring in more money. Also, look at which bills need to be paid first and which bills can wait in a crisis.
Earn and maintain a good credit score.
In today's tougher economy, it's a lot harder to get credit, unless you have a good credit score. That's why it's more important than ever to make sure your credit report is accurate, use credit responsibly, and take action if you are having any payment difficulties.
Reduce your debt load.
Paying down your existing debt is also important to improving your credit. It also may make sense for you to consolidate your debt with a bill consolidation loan. Visit our Debt Consolidation page to learn more about debt consolidation.
Plan for the unexpected with an emergency fund.
It's a good idea to have an emergency savings account with at least three months' expenses saved in case you lose your job, get sick or hurt, or face a significant one-time expense. If you already have an emergency fund, now may be the time to add more money to it. Debt consolidation and home refinancing are ways to free up extra money for emergencies.
Look into refinancing your mortgage.
Now may be the time to refinance your mortgage for a lower monthly payment, lower interest rate, or to change your adjustable rate mortgage to a fixed rate mortgage, which can free up extra cash to pay down debt or save for emergencies. For more information about refinancing, visit our Mortgage Refinance page.
If you're having payment difficulties, talk to your lender.
As soon as you think you might have any problems making payments on your mortgage, other loans, or credit cards, talk to your lender. The sooner you talk to your lender, the sooner you can get help and the more options you have to protect your credit. The longer you wait to talk to your lender, the more you fall behind on your payment and the fewer options you have.
Get help.
Financial counseling can help you make a plan for weathering the financial storm and put your finances on firmer ground.
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These are general recommendations not applicable to all financial situations. Every financial situation is unique. Further, the suggestions and recommendations contained within the content provided are not an assurance of any future result. Be sure to discuss your specific financial circumstances with a legal or financial expert before you take action. Contact us for more information.
